Keppel adopted semi-annual reporting of results, meaning they are no longer obligated to report quarterly figures. Instead, they released voluntary business update today.
So what is new?
- Return to profitability in 3Q 2020 vs 2Q S$697m net loss.
- Still, 3Q20 profits is significantly lower than 3Q19. Note: 3Q19 attributable profit is S$159m
- Still loss making for 9M20. Mainly due to impairments of S$919m in O&M.
- Group’s revenue 9M20 was S$4,818m compared to 9M19’s S$5,382m
- Net gearing 0.96x qoq improvement from 1.00x.
- Last quarter, divest S$140 million in assets from landbank and non-core assets.
- Secured an offshore renewables contract worth about S$600 million.
- Focus on Energy & Environment, Urban Development, Connectivity and Asset Management.
Energy & Environment
Source: Keppel’s website 3Q announcement
- Revenue S$1.1b for 9M 2020 vs S$1.4b for 9M 2019
- S$900m new contracts YTD, of which 72% from Offshore wind and LNG projects.
- This includes 3Q20, S$600 million contract from EPC of a vessel in renewable energy sector.